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The Real Deal NYC

Why family offices are winning deals over private equity firms

Family offices are increasingly beating out private equity firms in mega-deals because of their fast decision-making and, often, their value-driven approach as owners. Savvy family offices are the new sophisticated investors, according to Bloomberg News, with a series of moves within the last couple of years cementing the trend; they poach talent and they buy fast. For example, take the sale of Quadrangle Group’s Hargray in March: in eight days, a consortia of families, headed […]

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Alphabet’s Sidewalk Labs launches 800-acre project in Toronto

An 800-acre project led by Sidewalk Labs, a subsidiary of Google’s parent company Alphabet, is officially moving forward in Toronto. Waterfront Toronto issued an RFP in March and this week declared Sidewalk Labs’ proposal the submission they would move forward with — a process that begins on November 1 with the project’s first town hall. The project centers on creating an interconnected hub linked online through data systems that coordinate infrastructure such as transportation and […]

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What to do about rich Russians buying NYC real estate? Asking for De Blasio.

De Blasio wishes he knew what to do, but he’s only the mayor of NYC

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Is Zillow falling for Justin? The marketplace may expand into Canada

Zillow Group is looking north of the border to add Canadian properties to its marketplace. The company is registered as an active lobbyist with the Canadian government, represented by Summa Strategies’ Alex Maheu, and sources confirmed executive Errol Samuelson has visited Ottawa to explore opportunities, according to BuzzBuzzNews. “We know that many buyers in the U.S. are interested in purchasing Canadian property, so we are looking into adding Canadian listings. We currently have no plans […]

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Winter is coming. Vail and Aspen consolidate their RE empires

The knights of the Vail (Resorts) versus House Aspen Skiing Co. are preparing for battle — and it’s no flippant comparison. The two companies are increasingly dominating the industry, as Bloomberg News reports, with 50 of North America’s biggest peaks having been acquired by either Vail or Aspen in the past five years. Vail’s latest moves include buying Vermont’s Stowe and, for $1.3 billion, Canada’s Whistler Blackcomb Holdings — the latter of which was worth […]

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The real estate investor’s guide to China’s party congress

Wendy Cai-Lee tried to read the transcript of Xi Jinping’s three-and-a-half-hour speech at the Chinese Communist Party’s 19th congress, which opened Wednesday. “He lost me after about 35 minutes,” she said. Cai-Lee, the founder of debt and equity fund Oenus Capital who regularly works with Chinese investors, is more familiar with China’s political system that most of her peers in the U.S. real estate industry. Other local players may not bother to sift through Xi’s […]

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Moishe Mana to join TRD for one-on-one at Miami real estate event

From TRD Miami: The Real Deal is excited to announce the addition of developer Moishe Mana to the lineup of our fourth annual Miami Real Estate Showcase and Forum on Oct. 26! Mana, who chatted about his humble beginnings and vision for Miami in this issue’s Closing interview, will join TRD for an exclusive one-on-one interview starting at 11:30 a.m. Use promo code MANA to receive 10% off ticket price The event will also include discussions on the […]

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Deutsche, HSBC to lead $800M 28 Liberty refi

Deutsche Bank and HSBC have term sheets out to refinance Fosun International’s 2.1 million-square-foot 28 Liberty office tower in Lower Manhattan to the tune of $800 million, sources told The Real Deal. The banks plan to close the floating-rate, six-year loan before Thanksgiving and then syndicate the deal, at which point Nataxis and Credit Agricole are likely to come in, sources with knowledge of the deal said. The lenders will provide $500 million in debt […]

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Don’t worry, be happy about Gowanus rezoning, councilman says

Rezoning efforts in New York tend to be met with protests and complaints, but Gowanus council member Brad Lander thinks his neighborhood could prove the exception to this rule. “I think we are building a lot of consensus. And I am hopeful that this will produce a better plan,” Lander said in an interview with Politico. “The goal is not just not to have opposition … but hopefully the subsequent process, the ULURP, will be […]

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Trade groups unhappy with fine hikes for building code violations

  A trio of City Council bills hike up penalties for building code violations and creates a new fine for when a death occurs at a construction site. The council approved two bills this week, one that will raise the minimum civil penalty for “major violations” from $1,000 to $2,000, the Commercial Observer reported. The other measure establishes a “violation ratio,” which is the number of — in Department of Building lingo — major and/or […]

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